75% of people looking to move have delayed their plans due to interest rate rises, according to data gleaned from recent research by financial services aggregator Sunny Avenue.
Sunny Avenue conducted research to gain a deeper understanding of the impact of various factors on the decision-making process of homebuyers.
While 75% of respondents said that they had put moving plans on hold, a further 25% confirmed that they will still proceed with the moving process despite the interest rate increases.
Stuart Crispe, founder of www.sunnyavenue.co.uk, said: “While interest rate rises can introduce some uncertainty, it’s important to note that the property market remains resilient, providing plenty of opportunities for homebuyers, even in a time when sellers remain cautious.
“Buying property is an emotional transaction, many people will continue with finding their dream homes regardless of the costs they could face.”
72% of respondents to Sunny Avenue’s research also expressed openness to using online estate agents as a cost-saving measure when selling a property.
Meanwhile, 56% of respondents stated they would consider relocating to a different county when moving to a new home, given the opportunity to save money.
Crispe added: “The willingness to embrace digital platforms for property transactions shows a growing trend in the industry, driven by potential cost savings.
“Traditional approaches to selling property still hold value for many individuals who prefer a more hands-on, local, and personal experience. It’s ideal that the industry has growing options for sellers.”
He continued: “The desire to explore new locations while also capitalising on potential cost savings suggests an adventurous spirit among homebuyers, willing to discover opportunities beyond their current locales.”
